Samsung has been teasing us with its plans to release a new "Galaxy" product, which most people believe will be the Galaxy S III smartphone. The device will officially be revealed next week. However, Samsung might have already revealed what processor will be inside that next generation Galaxy S smartphone.

Today, the company announced its new Exynos 4 Quad processor. The ARM-based chip has four processor cores and runs at a clock speed of 1.4 GHz. Samsung says that the new chip has double the processing power of its predecessor, the Exynos 4 Dual, while also using 20 percent less power. The new chip was built with a 32nm manufacturing process versus the 45nm process of the Exynos 4 Dual.

Samsung adds:

In addition, the new processor incorporates a full HD 30 frame per second video hardware codec engine for high resolution 1080p video recording and play-back, an embedded image signal processor interface for high-quality camera functionality and an HDMI 1.4 interface for sharp and crisp multimedia content transmission.

All of that means that, in theory, the Exynos 4 Quad should run faster and be much more energy efficient than Samsung's last smartphone chip. In addition to being part of the next Galaxy smartphone, Samsung has confirmed the processor "is also sampling to other major handset makers."